Homeowners

Q:    BANK says it is already on foreclosure but there no date yet for deed of sale

A:    Foreclosure is a process. It begins with the service and filing of a Notice of Default. Once that notice records, the house is "in foreclosure." 90 days after the NOD records, the trustee may serve and record a Notice of Sale which will set the date for the sale. Unless the sale is postponed, the trustee will sell the property on the sale date to the highest bidder and prepare and record a Trustee's Deed Upon Sale. Once the deed records, the trustee has "foreclosed." Until the TDUS is prepared and records, the borrower is still the owner of record. After that time the owner is the purchaser at the sale....

http://www.avvo.com/legal-answers/who-is-the-owner-of-the-house-if-it-was-already-fo-1237745.html   

Q:    Will the 2nd mortgage and all junior liens be wiped out?

A:    Liens take priority according to the date of their recording. The foreclosure of the HOA lien will wipe out any liens recorded after it was recorded in the public records in the county in which the property is located....

http://www.avvo.com/legal-answers/with-an-hoa-foreclosure-in-florida--wi...

Just one month after the seventh round of funds was appropriated by Congress, the National Foreclosure Mitigation Counseling program is making $70.1 million available to various agencies across the country.

The CFPB is carrying out a regulatory implementation initiative for our new mortgage rules to ensure that they are implemented accurately and effectively. Last week we issued proposed clarifications to the 2013 Escrows Final Rule. Today we are issuing another proposal to address questions regarding qualified mortgages and servicing that have come up since we first issued those rules in January. These proposals are part of our commitment to facilitate implementation of the rules issued in January under the Dodd-Frank Act. We at the Bureau believe that we have a responsibility not just to write a rule, but to see that it is implemented effectively. This proposal will be published in the Federal Register soon. It will be open for comment for 30 days from the day of publication.

http://www.consumerfinance.gov/blog/proposed-clarifications-of-the-abili...

Here’s what can happen when people get lulled into a false sense of security listening to the news stories about how our housing markets have rebounded and foreclosures are down… we risk losing the things that are helping homeowners.

When the foreclosure crisis began, and for the first few years as foreclosures continued unabated, foreclosure mediation programs were unheard of… in fact, it wasn’t until people realized that HAMP wasn’t really working as advertised and banks weren’t modifying loans in the numbers they should that states started considering making mediation part of the process.

http://mandelman.ml-implode.com/2013/05/bill-to-end-foreclosure-mediatio...

There’s some good news for military servicemembers on the horizon, after Capitol Hill lawmakers agreed on new legislation that would extend foreclosure protection to enlisted personnel who bought their homes after they went on active duty. Known as the Family Home Protection Act (H.R. 1842), the bill takes over from where the old Servicemembers Civil Relief Act left off.

HousingWire reports that, as things stand now, the Servicemembers Civil Relief Act allows members of the military to obtain protection against foreclosure, so long as their homes were purchased prior to beginning active duty. Presuming the new bill goes through, these protections would be extended to all servicemembers, no matter when they bought their properties.

http://realtybiznews.com/new-bill-proposes-extended-foreclosure-relief-f...

According to a new report, people who take advantage of a key federal program to modify their mortgages in an effort to save their homes are defaulting "at an alarming rate."

The report from the special inspector general for the Treasury Department's Troubled Asset Relief Program doesn't say why an inordinately high percentage of owners who take part in the Home Affordable Modification Program, or HAMP, are unable to maintain their loan modifications. The report says only that the longer owners remain in the program, the more likely they are to default again.

http://www.latimes.com/business/realestate/la-fi-lew-20130512,0,7989633....

Q:    I purchased a condo by paying delinquent HOA fees at auction, subject to mortgage. Certificate of title was issued in my name. My research shows the prior owners mortgage has his last name misspelled, and the property address was written incorrectly. The owner initialed the correction on the property address when signing the mortgage, but nothing was done to correct his name.

A:     This is a loser. Your position does not give you a foundation to eliminate the first mortgage, since your title was from a junior lien. . And , in addition, the validity of a mortgage lien does not depend on the property address.           

http://www.avvo.com/legal-answers/should-i-file-quiet-title-action--1244986.html

Q:    From late 2008 until 2010 I was attempting to modify my mortgage.  There was no reason for the modification to NOT take place. It should have been a slam dunk.

A:    A creditor's violation of the automatic stay of collection efforts is serious, and gives you a viable claim against the foreclosing entities and participants.  A secured creditor can sometimes get the bankruptcy court to grant relief from the stay and permit the foreclosure to proceed, but from you question I infer that relief from stay was not sought or granted in your case.  

http://www.avvo.com/legal-answers/do-i-have-recourse-to-sue-my-lender-for-illegal-fo-1234687.html